In a bold decision, United Kingdom Prime Minister Liz Truss sacked her Finance Minister Kwasi Kwarteng who was on a trip to the United States to meet the IMF authorities. However, he had to come back momentarily after the news came out before the PM’s questionnaire with the media.
Liz Truss was quick to appoint Jeremy Hunt as the Chancellor of the Exchequer in the UK on Friday. The reason is that Kwarteng’s mini-budget has caused panic and the Pound fell to a new low of $1.12. Liz Truss is confident of bringing back the glory and has announced a complete U-turn to the mini-budget.
The Prime Minister has reinstated to keep the previous government’s plan of increasing the Corporation tax to 25 percent. Now, it will be interesting to see whether the PM will stick to her national insurance rebate and income tax cut plans.
